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New Industrial Strata Opportunity in Kelowna, BC
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(Posted on Nov 26, 2018 at 06:55PM by Danielle Smyth)
A new industrial strata opportunity is available in Kelowna. Called IntraUrban Enterprise, it’s one of the city’s few such locations. Situated right in the heart of the Okanagan shopping centre district, it will create tremendous opportunities for investors and retailers alike. Since it is centrally located, this 2.6-acre site that can accommodate 23 new industrial strata units will likely be very popular. The site is located at the major intersection of Enterprise Way and Dilworth Drive, one block off of Highway 97.The building will be 66,000 square feet as built and will be split into units of between 2,000 and 3,900 square feet. This range makes the units ideal for a variety of business types. According to a recent report on the space, the facility will include “bay garage doors, built-in upper mezzanines, generous glazing for natural light and a modern, high-end product that is rarely found in other industrial projects in Kelowna.â€
With rents in the city on the rise, the prospect of long-term ownership is becoming increasingly palatable. Opportunities like this industrial strata one don’t come around every day. If you’re interested in learning more about opportunities for investment throughout Canada or this specific one, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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Coquitlam, BC, Development to Contain Residences and Offices
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(Posted on Nov 25, 2018 at 02:37PM by Danielle Smyth)
In Coquitlam, BC, a 95-acre development is planned that is expected to contain 4,700 residential units in 16 to 18 towers. In addition, it should contain employment space for at least 1,500 jobs. Though final numbers are still being negotiated, the developers have previously stated that the space should be about 40,000 square feet.According to the website for the project, this development will also include “16 acres of public park, a state-of-the-art public aquatic and recreation centre, comprehensive pedestrian and bike trails, pier, plaza,†in addition to other fabulous amenities. Though some of this space may turn out to be protected park land rather than usable space, it’s likely that those who make use of the area will have plenty of room to spread out.
According to the city of Coquitlam, several aspects of the project are still under review. They say that Beedie Living, the developer, would need to go through a public review process before anything was finalized.
As numbers and specifics are being worked through and set in stone, it’s a great time for investors to seek information about this project. If you’re interested in learning more about opportunities for investment throughout Canada, reach out to Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide the information you seek.
Affordable Housing Programs Impact Investors in Vancouver, BC
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(Posted on Nov 16, 2018 at 11:37AM by Danielle Smyth)
Keep an eye on the housing market in Vancouver, BC. According to a recent report, big changes are on the horizon, especially in the Burnaby area. Thanks to several recent political shifts, affordable housing may grow more and more possible for large portions of the population.According to The Globe and Mail, since 2002, many residents of Burnaby have been forced to relocate to neighboring cities and towns due to a lack of affordable housing. Apartments that would have been within reach for many families were replaced with higher-end properties that they could ill afford.
As a result, the recent election brought to light many candidates with a vision for change in the Burnaby housing market. Vancouver, for instance, is looking to build 600 temporary modular units housing for those who are homeless. In addition, affordable housing endowments could be used to collect land for building projects. According to the article, “If Burnaby develops strong policies to protect rentals and develop non-market and social housing...it will help ease the stress on Vancouver and New Westminster.â€
Would you like to learn more about how this could impact you as a commercial investor? Get in touch with Marcus & Millichap's Vancouver office today! One of our experienced commercial real estate advisors will be happy to provide additional information.
Abbotsford-Mission, B.C. Named Third Region for Best Investment Opportunities in Western Canada for 2019
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(Posted on Nov 7, 2018 at 08:53PM by Michelle Bogle)
In a recent report by Western Investor, two neighbouring cities – Abbotsford and Mission – were named in the third top spot for best real estate investment opportunities in Western Canada for 2019. Located on the edge of the Lower Mainland, this region is proving popular with both residential and industrial investors.
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Part of the appeal in Abbotsford-Mission is affordability. More people from Metro Vancouver are infiltrating the area looking for work and housing. As of September, 1,567 new homes were under construction, including nearly 300 new detached houses, which sell for an average of $843,900.Â
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On the commercial front, Abbotsford’s industrial vacancy rate has dipped to 1.8 percent this year, which makes it the lowest in the Lower Mainland. The industrial lease rate is also sitting at an average of $9.17 per square foot. Investors particularly like this city for its robust infrastructure, award-winning cancer hospital and the fourth-busiest airport in Canada. It is also the agriculture capital of the country, grossing farm receipts three times those of Ontario’s Niagara region, which sits in second place.Â
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According to Western Investor, Mission is being poised as the next industrial destination. The district has great freeway and U.S. border access, which is ideal for distribution facilities. Currently, there are two main industrial parks in the area: Mission Industrial Park, which is primarily light industry, warehouse, office use and retail, and Silver Creek Industrial Park, which has direct railway and Fraser River frontage for heavier industrial operations.
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If you’ve been considering an industrial, agriculture or land commercial real estate investment in Abbotsford or Mission, please contact Marcus & Millichap’s Vancouver office to speak with one of our experienced asset-focused advisors.
Terrace Named Second Top Investment Town in Western Canada for 2019
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(Posted on Nov 7, 2018 at 08:43PM by Michelle Bogle)
Just a half-hour-drive away from Kitimat’s new $40 billion liquefied natural gas (LNG) terminus and pipeline network is Terrace, B.C. This land-rich city was recently named the number two best investment town in Western Canada for 2019 by Western Investor – a city that we will be a staging site for LNG Canada’s neighbouring plant.
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According to Danielle Myles, Manager & Economic Development for the City of Terrace, the selling point of the area is the availability of land. Historically, major industries and investors have flocked to the area and that trend that will continue with the development of the LNG plant. Terrace is also home to an airport and an extensive retail industry, which has helped the city earn its spot as a major trading centre for northwest B.C.
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And while investment in Terrace is expected to rise with the advent of the bordering Kitimat LNG, this growth isn’t new to the region. Over the last two years, commercial building permits in the city have increased by nearly 300 percent. The residential housing market has also experienced growth – the average price of a detached house in town averages $337,000, which is up 18 percent from one year ago.
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If you have your eye on land or other commercial real estate assets in Terrace, B.C., the time to act is now. Please contact our Vancouver office to speak with a Marcus & Millichap investment specialist to learn more.
Kitimat, B.C. Tops List of 2019 Best Investment Towns
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(Posted on Nov 7, 2018 at 08:32PM by Michelle Bogle)
$450 Million Gas Export Plant to be Built Near Prince Rupert, B.C.
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(Posted on Feb 16, 2017 at 02:00PM by Michelle Bogle)
Last month, AltaGas, an energy infrastructure company with a focus on natural gas, power and regulated utilities, announced that it will be building a $450 million propane export terminal on Ridley Island in British Columbia. The Ridley Export Terminal is expected to be the first propane export facility of its kind on Canada’s west coast.Â
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The site, which is near Prince Rupert on a section of land leased by Ridley Terminals Inc. from the Prince Rupert Port Authority, offers unique advantages in terms of its location – specifically shorter shipping distances to markets in Asia. With its Ridley Island location, AtlaGas expects that shipping times will be reduced to 10 days compared to the 25 days from the U.S. Gulf Coast. The brownfield site also benefits from railway access and deep water access to the Pacific Ocean.Â
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“We are consulting and working with the First Nations whose traditional territory is located within the Ridley Export Terminal,†said David Harris, President and CEO of AltaGas in a press release. “Collaborating closely with First Nations and communities to create sustainable social value is of paramount importance to us and we look forward to a long and mutually beneficial relationship with the First Nations in the region.â€Â
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The Ridley Export Terminal will be designed to ship 1.2 million tonnes of propane per year and is estimated to cost approximately $450 - $500 million.Â
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"The project is a reflection of how we do business in B.C. – balancing environmental protection with economic development, creating opportunities and real partnerships with First Nations, and putting British Columbians first," said Premier Christy Clark in the same release. "This export facility is another promising development for our province, connecting producers in northeast B.C. to markets in Asia."Â
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Based on production from its existing facilities and forecasts from new plants under construction and in active development, AltaGas anticipates having physical volumes equal to approximately 50 percent of the 1.2 million tonnes. The remaining 50 percent is slated to be supplied by producers and aggregators in western Canada. AltaGas expects to underpin at least 40 percent of the Ridley Export Terminal throughput under tolling arrangements with producers and other suppliers.Â
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Construction is expected to begin in early 2017 and to be in service by the first quarter of 2019. The Ridley Export Terminal will support long-term economic stability in the region through the diversification of products at Ridley Terminals, and employment opportunities for area residents and First Nations. It is estimated that 200 to 250 construction workers will be hired during the construction phase and that 40 to 50 permanent jobs will be created once the facility is operational.Â
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The project will also impact the local commercial real estate industry in Prince Rupert and surrounding communities. To learn more, please contact Marcus & Millichap’s Vancouver office to speak with an advisor.
Closure of Royal Golf Club Signals Tough Times for Vancouver Island’s Golf Industry
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(Posted on Feb 13, 2017 at 02:00PM by Michelle Bogle)
Another Vancouver Island golf club has closed its doors for good. The Royal Oak Golf Club, located near Saanich Commonwealth Place, recently informed its members of its closure by email, citing tough times within the local golf industry.
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This is not the first time that the Royal Golf Club has struggled to remain open. Last February, the golf course distributed a memorandum to operations staff regarding a possible closure. Â
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With the closure of the 27-acre nine-hole course, which has been in operation since the mid-20th century, the Royal Golf Club is the second Victoria-area golf club to succumb to declining membership rates and rising operational costs. In 2015, Prospect Lake Golf Course, also in Saanich, closed after 41 years in business.
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At this point in time, plans for the Royal Oak property remain unknown; however, the owners are expected to discuss potential land uses with the District of Saanich.
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For more insight into the state of Vancouver Island’s waning golf industry, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
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You can also view our current hotel, land and retail listings by clicking here.
Revelstoke Adventure Park Gets Approval from B.C. Government
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(Posted on Feb 9, 2017 at 03:27PM by Michelle Bogle)
A proposed adventure park for Revelstoke has officially received the green light from the B.C. government.The Ministry of Forests, Lands and Natural Resource Operations approved a 30-year adventure tourism/commercial recreation tenure for Illecillewaet Development Limited Partnership (IDLP), the spearhead of the project.
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The tenure consists of a Licence of Occupation for approximately 257 hectares of Crown land in the Greely Creek area, which will adjoin 64 hectares of the proponent’s private land.Â
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“Outdoor recreation has always been a big part of Revelstoke. The proposed adventure park will add more outstanding outdoor recreation opportunities for residents and visitors in the region, as well as create local jobs,†said Steve Thomson, Minister of Forests, Lands and Natural Resource Operations, in a press release.Â
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The adventure park, which will be nine times the size of Disneyland, will feature a host of summer recreational activities, such as hiking, mountain biking, rock climbing, horseback riding, zip-lining, bungee jumping, treetop adventures, mountain coasters and sky swings.Â
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Planned improvements are also in the works for the Crown land, including an access road, day lodge, helipad, gazebos and portable sanitation units. There’s also plans to eventually add a gondola or chairlift.
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“This adventure park is another example of rural entrepreneurship that has the ability to create economic sustainability in rural communities,†said Donna Barnett, Minister of State for Rural Economic Development.
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Numerous studies were conducted to assess the proposed uses of Crown land to ensure the project would protect existing values, such as wildlife habitat, terrain stability and drinking water. Consultations with the public, First Nations and partners/stakeholders were held in compliance with provincial legislation.
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Construction on the Revelstoke Adventure Park is set to begin this spring with phase one of the park opening in spring 2018. The following three phases will unfold over the next four to five years. Once the project is complete, the park will employ approximately 250 workers.
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It’s also expected to significantly boost tourism to the region, which will undoubtedly impact Revelstoke’s commercial real estate sector as well.
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For more information about the proposed adventure park or for insight regarding investment opportunities within Revelstoke, B.C., please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
You can also view our current listings by clicking here, including an exclusive hospitality offering in Revelstoke, B.C.
You can also view our current listings by clicking here, including an exclusive hospitality offering in Revelstoke, B.C.
On February 1, 2017, Woodfibre LNG announced that the liquefied natural gas plant, located in Squamish, B.C., applied for an amendment to the Environmental Assessment Certificate (EAC), which was originally granted on October 26, 2015.
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The proposed design changes to Woodfibre are the result of the Squamish Nation’s selection of air cooling as the cooling technology for the project, as well as ongoing front-end engineering design (FEED) work.
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Woodfibre LNG is proposing the following design changes:
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1. Changing from seawater cooling to air cooling of the plant
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2. Upgrading an existing intake on Mill Creek rather than constructing a new intake
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3. Short-term use of water from Woodfibre Creek during construction
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The proposed changes would require an amendment to the EAC under British Columbia’s Environmental Assessment Act. The purpose of the amendment is to enable Woodfibre to proceed with these proposed changes.
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The three proposed changes will also be subject to a technical review, as well as a 30-day public consultation period. From February 9 -Â March 11, 2017, the public is invited to provide comment on the potential effects that may result from the proposed amendment.Â
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Nonetheless, work continues to forge ahead with the project, which is destined to transform Squamish’s economy and fuel demand for real estate, especially within various commercial asset classes.Â
For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.
For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.
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